TL;DR
The paper proposes the Block Advertisement Protocol, enabling parallel block mining and relaying in Bitcoin to improve throughput by allowing miners to pre-collect transactions and reduce data transfer during block propagation.
Contribution
It introduces a novel protocol that allows miners to advertise upcoming blocks, facilitating parallel processing and reducing propagation delays in Bitcoin.
Findings
Reduces block propagation time
Enables parallel block mining and relaying
Potential to increase transaction throughput
Abstract
Bitcoin, a decentralized cryptocurrency, has attracted a lot of attention from academia, financial service industry and enthusiasts. The trade-off between transaction confirmation throughput and centralization of hash power do not allow Bitcoin to perform at the same level as modern payment systems. Block Advertisement Protocol is proposed as a step to resolve this issue. The protocol allows block mining and block relaying to happen in parallel. The protocol dictates a miner to advertise the block it is going to mine allowing other miners to collect all the transactions in advance. When a block in mined, only header is relayed since most of data about the block is already known to all miners.
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Taxonomy
TopicsBlockchain Technology Applications and Security · Cryptography and Data Security · Internet Traffic Analysis and Secure E-voting